Kristy Black from Fidelity National Title just emailed me a great report about Las Vegas real estate stastics for May.  Some really positive signs that our market is heating up. 

Inventory Update: Listed inventory levels are now at the lowest reported since March 2006.

• The number of resale homes on the market (those listed with Realtors and posted in the Multiple Listing Services (MLS)) dropped an additional 603 units during the past week, reaching total inventory of 16,077 homes. Compared to the same week of the prior year, inventory levels are down 28.7 percent, or 6,472 units.
  
• The market reported consecutive weekly declines during the past 8 weeks, contributing to a net decrease of over 4,600 units. Vacant properties reflected the largest share of the decline with over 3,800 less vacant units during the same eight-week timeframe.
•  Vacant properties represent 55.6 percent of total inventory, while owner-occupied units listed for sale (5,351) represented one-third of all available inventory.
  
• Tenant-occupied properties represented the balance of market availability with 1,788 units listed for sale.
  
•  Sales Update: The number of units in a contracted status increased by 531 during the past week reaching a total of 12,200 homes. Contracted units represent homes that have been negotiated but are waiting to close. They consist of contingent units (7,860 homes) that are contingent on some action taking place (e.g., a lender approval on a short sale) as well as pending units (4,340) which are transactions waiting for customary closing procedures to complete.
•  Approximately 50 percent of the contingent units are identified as awaiting short sale approval, while approximately 8.2 percent of closings during the past 30 days were noted as short sales.
  
• Forward Looking: It is important to note a large share of bank-owned properties have not been listed in the MLS and are not reflected in the latest figures. The timing of release and sale of lender owned properties has the potential to impact overall inventory levels and future pricing. The high number of pending sales, (4,340 that are not contingent), indicates that the market should still show gains on the monthly reported closed sales for the next 30 to 45 days as they are processed through the normal closing procedures. (Applied Analysis)

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